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Smart Speaker Market projected to grow by USD 50.8 billion from 2024-2028, driven by rising unit sales and AI powered market evolution–Technavio

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NEW YORK, Sept. 24, 2024 /PRNewswire/ — Report on how AI is driving market transformation- The global smart speaker market  size is estimated to grow by USD 50.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  34.28%  during the forecast period.  Rapidly increasing unit sales of smart speakers is driving market growth, with a trend towards increasing popularity of voice commerce. However, privacy and security threats associated with smart speakers  poses a challenge. Key market players include Alphabet Inc., Amazon.com Inc., Apple Inc., Bang and Olufsen Group, Belkin International Inc., Bose Corp., Edifier International Ltd., Imagine Marketing Pvt. Ltd., Lenovo Group Ltd., LG Electronics Inc., NXP Semiconductors NV, Onkyo Corp., Portronics Digital Pvt. Ltd., Qualcomm Inc., Samsung Electronics Co. Ltd., Sonos Inc., Sony Group Corp., Xiaomi Communications Co. Ltd., Zebronics India Pvt. Ltd., and Zound Industries International AB.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

End-user (Residential and Commercial), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Alphabet Inc., Amazon.com Inc., Apple Inc., Bang and Olufsen Group, Belkin International Inc., Bose Corp., Edifier International Ltd., Imagine Marketing Pvt. Ltd., Lenovo Group Ltd., LG Electronics Inc., NXP Semiconductors NV, Onkyo Corp., Portronics Digital Pvt. Ltd., Qualcomm Inc., Samsung Electronics Co. Ltd., Sonos Inc., Sony Group Corp., Xiaomi Communications Co. Ltd., Zebronics India Pvt. Ltd., and Zound Industries International AB

Key Market Trends Fueling Growth

The voice commerce market is experiencing significant growth due to the convenience and ease of use it offers. With voice commerce, consumers can place orders and make purchases online using only their voice, eliminating the need for keyboards, mice, or smartphones. Smart speakers, such as those with Google Assistant or Amazon Alexa, enable this technology. For instance, Amazon’s Alexa can suggest products based on a user’s past purchases and complete transactions with simple voice commands. This hands-free functionality and ability to multitask are major advantages of voice commerce, making it increasingly popular. As a result, the demand for smart speakers is expected to rise in the global market during the forecast period. 

The smart speaker market is booming with the rise of digital technology and wireless voice-enabled devices. Intelligent virtual assistants like Siri, Alexa, and Google Assistant are leading this trend, enabling users to control their homes and appliances using voice commands. Smart homes are becoming more commonplace, with smart home products and appliances integrating with Wi-Fi and Bluetooth-enabled speakers. Data-steered innovations are driving advancements in voice patterns and artificial technology, but concerns over data misuse and security risks persist. Baidu and other speaker manufacturers are investing in AI to enhance virtual assistant capabilities, with display-based devices and virtual assistants for TVs, radios, and even smart locks on the horizon. Online platforms are also integrating with smart speakers for seamless control of smart home devices and hubs. However, it’s essential to prioritize data security and privacy in this rapidly evolving market. IOT and smart devices are transforming our lives, and smart speakers are at the forefront of this revolution. Sensors and voice assistance are making our homes smarter and more convenient, but it’s crucial to stay informed about the latest trends and potential risks. 

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Market Challenges

The global smart speaker market faces challenges due to privacy and security concerns. Many consumers are apprehensive about potential threats to their conversations and personal data. Manufacturers employ staff to review voice recordings for speech improvement, increasing privacy worries. Smart speakers are susceptible to various cyberattacks, including DDoS, MiTM, data breaches, APTs, and ransomware. These vulnerabilities can deter users and provide attackers access to IT infrastructure. Mass-produced, identical smart speakers make them easy targets for hackers using weak passwords. Compromised devices could disrupt networks or spread malware. Despite manufacturers’ efforts to protect customer data, the absence of stringent privacy policies and regulations heightens the risk, potentially hindering market growth.The smart speaker market is booming with the rise of digital technology and wireless voice-enabled devices like smart speakers. These devices, powered by intelligent virtual assistants, offer convenience through voice commands and control over various smart home products and appliances. Wi-Fi and Bluetooth connectivity enable seamless integration with other data-steered innovations. However, challenges include data misuse, voice patterns recognition, and security risks. Speaker manufacturers must prioritize data security, ensuring user privacy. Smart homes, IOT, and smart devices are driving the market, with smart speaker usage expanding to include virtual assistants, wireless speakers, and even display-based devices. Baidu’s entry into the market intensifies competition. Smart home hubs, sensors, and integration with smart locks, TVs, radios, and online platforms are key considerations. AI and virtual assistants are essential, but so is addressing concerns around data security and privacy.

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Segment Overview 

This smart speaker market report extensively covers market segmentation by

End-user 1.1 Residential1.2 CommercialDistribution Channel2.1 Offline2.2 OnlineGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Residential-  The residential segment of the global smart speaker market is experiencing notable growth due to the increasing popularity of smart speakers in households. The convenience of voice control and the ability to connect with various digital streaming platforms and devices make smart speakers a necessity in modern homes. The recent trend of digital content consumption through services like Amazon Prime, Netflix, and YouTube has further the importance of smart speakers. In the US, the number of households owning more than one smart speaker is on the rise. Additionally, the increasing investment in home renovation projects, particularly in living spaces, has led to a strong correlation between home improvements and the adoption of smart speakers. As a result, the residential users segment of the global smart speaker market is projected to expand at a rate during the forecast period.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The Smart Speaker Market is experiencing rapid growth as more households integrate digital technology into their homes. Smart speakers, also known as wireless voice-enabled devices, are becoming essential components of IoT-enabled smart homes. These devices use Wi-Fi or Bluetooth connectivity to link with other smart home devices and hubs, enabling voice-activated control of various smart home appliances and products. Smart speaker usage extends beyond playing music and includes setting alarms, controlling lights, adjusting thermostats, and accessing information through intelligent virtual assistants. Sensors integrated into smart speakers and other smart home devices collect data, leading to data-steered innovations that enhance user experience and convenience. The market for smart speakers is expected to continue expanding as more consumers embrace the benefits of a connected and voice-controlled home.

Market Research Overview

The smart speaker market is experiencing rapid growth as more consumers embrace the concept of a connected home. Smart speakers, wireless voice-enabled devices that use Intelligent Virtual Assistants (IVAs) like Amazon Alexa, Google Assistant, and Apple Siri, are at the forefront of this trend. These devices integrate seamlessly with other smart home devices, such as thermostats, lights, and security systems, creating a network of interconnected IoT devices. Smart speakers can control smart home hubs, activate sensors, and even unlock smart locks through voice commands. However, the increasing use of smart speakers raises concerns about data security and potential misuse of voice patterns and personal information. Digital technology companies and speaker manufacturers continue to innovate, introducing data-steered innovations like AI-powered TVs, radios, and even refrigerators. Online platforms offer a range of smart home products and appliances, from wireless speakers to virtual assistants, creating a vast ecosystem of connected devices. While the benefits of a smart home are numerous, it is essential to consider the potential security risks and ensure that data is protected. Baidu’s DuerOS and other voice assistance platforms are also gaining popularity in the market, adding to the competition.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userResidentialCommercialDistribution ChannelOfflineOnlineGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Nuvve Updates Shareholders on Compliance Measures

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SAN DIEGO, Sept. 24, 2024 /PRNewswire/ — Nuvve Holding Corp. (Nasdaq: NVVE), a leader in vehicle-to-grid (V2G) technology, has issued a letter to shareholders regarding actions taken to regain compliance with Nasdaq’s Bid Price Rule. 

Nuvve recently executed a 1-for-10 reverse stock split, resulting in 652,727 shares outstanding. The Company encourages shareholders to protect their shares against market manipulation through actions such as holding shares in cash accounts and requesting “no loan” status. 

For shareholder letter: https://nuvve.com/shareholder-letter/  

For more information, contact investors@nuvve.com

About Nuvve Holding Corp. Nuvve (Nasdaq: NVVE) transforms electric vehicles into grid resources, driving the transition to a net-zero future. Learn more at nuvve.com 

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SOURCE Nuvve Holding Corp.

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Wire and tube industry expos to spark international trade in Shanghai

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SHANGHAI, Sept. 25, 2024 /PRNewswire/ — The wire China 2024 and Tube China 2024, organized by Shanghai Electric Cable Research Institute Co., Ltd., Messe Düsseldorf (Shanghai) Co., Ltd., Metallurgical Council of the China Council for the Promotion of Int’l Trade (MC-CCPIT), are scheduled to be held from September 25 to 28 at the Shanghai New International Expo Centre, aiming to drive industry advancement and foster connections.

This year, the two expos will span 10 pavilions, encompassing a total exhibition area of 109,250 square meters. Nearly 1,500 businesses from about 30 countries and regions are expected to participate. The two exhibitions will cover the entire industry chain of cables, wires and tubes, offering a professional and efficient one-stop platform for exchanges worldwide.

wire China 2024: supporting enterprises to foster new quality productive forces

The wire China 2024 event is poised to occupy an area of 80,500 sqm, setting a milestone in its growth trajectory. With the participation of nearly 1,100 enterprises from 26 countries and regions, the expo will serve as a platform to showcase the latest developments and trends in the industry.

The exhibition will showcase an array of offerings including wire and cable manufacturing and processing machinery, auxiliary cable processing equipment, raw and auxiliary materials for cables (optical cables), finished wire products and cables, measurement and control technology, testing engineering solutions. The showcase is designed to assist enterprises in accelerating their transition toward digitalization, fostering flexibility, enabling smart production, nurturing new quality productive forces and enhancing the production competitiveness of businesses. The 2024 edition will cover five major areas: Digital Intelligent & Innovative Equipment, Technology Tools & Auxiliary Materials, Green and Low-carbon Solutions, Wires & Cables and Measures & Control Technology.

China has been promoting development of new quality productive forces since the start of 2024, with burgeoning sectors like artificial intelligence; new materials; commercial aerospace; the low-altitude economy and smart connected vehicles. These innovations are infusing the wire industry with vitality and drawing the attention of numerous overseas enterprises to China. This year, the event will host businesses from countries and regions such as South Korea, Japan, the United States, Switzerland, the United Kingdom, Spain and Turkiye. Business delegations from Germany, Italy, France and Austria will be present at the W1 Pavilion to exhibit their innovations and latest breakthroughs.

Heavyweight participants

This year, the event has garnered robust backing from prominent industry associations, including the Asian Wire & Cable Industry Corporation Alliance (AWCCA); Germany’s Federal Ministry for Economic Affairs and Climate Action (BMWK); the Association of the German Trade Fair Industry (AUMA); the German Mechanical Engineering Industry Association (VDMA); the ITA/ICE-Italian Trade Agency (ITA); the Italian Wire Machinery Manufacturers Association (ACIMAF) and the Austrian Federal Economic Chamber (WKÖ).

List of some well-known participating brands:

NIEHOFF, WAFIOS, SIKORA, MAILLEFER, ROSENDAHL NEXTROM, BOROUGE, SAMP, PROTON, ELANTAS, ENEOS NUC, HANWHA, TOTOKU, KOS, MFL GROUP, TEIJIN ARAMID, ZUMBACH, EUROLLS, SWPG, ESTEVES, SHENG CHYEAN, PETROFER, HUNTSMAN, DSR, SMATER, SINGCHEER, HONTA, G.Y.M., HANDING, JCDOFAMA, XINGMING, GOLDEN TECHNOLOGIES , INOVANCE, DONY GROUP, LIQIANG MECHANICAL & ELECTRICAL, AEROSPACE NANHAI, YI TENG ELECTRIC, HUAYUAN, PANGHAO, WANMA MACROMOLECULE, TIANRONG, CGN GROUP, CABLE, ORIGINAL, PAMICA, QLPM, ATPOIMER, etc.. 

(*Information is updated as of August 31st, 2024. Listing is in no particular order)

Fostering new quality productive forces

Centering on digital intelligence and innovation, the expo will be a key platform to display products and services. Singcheer will introduce the SiMOM for remote collaborative manufacturing operations and an AGV logistics system tailored for the cable industry. Maillefer from Finland will showcase the latest AI panoramic scanner 2.0, while Inovance from Shenzhen will present a motorized cable extrusion solution using advanced control algorithms and the MD810 multi-drive. These digital intelligence and innovation products cover manufacturing equipment, industrial software, visual inspection and other specific businesses, empowering cable companies to transit toward intelligent manufacturing.

Leading new trends

The wire China 2024 is not just a trade platform, but a place to communicate the latest market trends and release new products and solutions. This year, there will be nearly 60 high-end technological communication events.

The annual China Wire and Cable Industry Annual Conference will have in-depth discussions on new quality productive forces and high-quality development. Participants will share opinions on new market opportunities and challenges, exchange insights on the market trends, analyze the development status of the wire and cable industry, release annual reports on the development of international and domestic cable standardization work, as well as business competitiveness analysis reports. Simultaneously, the conference will address quality and technical issues related to typical products, unveil significant common technical research accomplishments and identify challenges and hurdles in emerging technological domains within the cable industry. The event aims to inspire businesses, bolster their confidence, foster courage in confronting challenges, and contribute to enhancing the development standards of both the industry chain and the supply chain.

The themed forums for wire and cable businesses will cover industrial economics and the development of the cable industry; the role of intelligent equipment in supporting high-quality development; green and low-carbon innovations in cable materials; high-quality special materials aiding the development of new energy vehicles; efficient and energy-saving electrical equipment; cable industry resource recycling technologies and digital intelligence empowering the development of the cable manufacturing industry.

Tube China 2024: 20 years of companionship, jointly shaping the new future of the industry.

As one of leading professional expos for tubes in Asia, Tube China 2024 has a total exhibition area of 28,750 sqm. Nearly 400 brands from 13 countries and regions including Germany, Japan, South Korea, Italy, the Netherlands, Latvia, Norway, Switzerland, and the United Kingdom will participate in the event. Tube China will present a high-level industry feast of intelligence and tube manufacturing for the Chinese tube industry and its upstream and downstream sectors.

This year, the expo will welcome some first-time participants including Fanuc. Industry-leading players including Fanuc, IPG, Kinkelder, Stark, Inductotherm, SINOAUDE, Halifax Fan and ENRX will bring their latest developments to the event. Enterprises such as IPG, Changen, Longxin, Huibaisheng and Huinengda will focus on showcasing innovative products and applications related to lasers and optoelectronics; optics and optical manufacturing; testing and quality control; as well as the innovative products and application solutions of infrared technology and applications.

List of some well-known participating brands:

FANUC, IPG, KINKELDER, STARK, INDUCTOTHERM, SINOAUDE, HALIFAX FAN, ENRX, HUIBAISHENG, SINOFORM, CHANGEN, HANDUK, KTM, TOYOKOHAN, TAELIM, VICTAULIC-TUWEI, TEMA, DONGAN, FIELD, AMPCO, ARES, JINYI, SONGYANG STAINLESS STEEL INDUSTRY ASSOCIATION, CHENLONG, ZHONGYONG, CHANGFENG, WAN-RUN DA , BOKENA, TUS PIPE, LONGXIN, NANYANG, CONTOR M & E, SHENGTIAN, NEW VICTOR, HUAYANG, HUILITONG, BAOFENG, JINCHUANG XINTIAN, HAIQIANWEI, FUGANG, ASCENDING, JUYI, LIWAN, VICTORY, ZHONGHAO, YOUFA, etc..

(*Information is updated as of August 31st, 2024. Listing is in no particular order)

Concurrent events, including the China International Steel Tube & Pipe Summit and the 2024 Heat Treatment Technology Seminar, will be organized during the expo to enhance communication, foster partnerships, drive technological innovation and uphold high-quality development within the industry.

A variety of activities will be organized to celebrate the 20th anniversary of the annual expo and the longstanding support from all participants of the expo.

Looking ahead, organizers of wire & Tube China will continue to promote development of the event to promote exchanges and bolster quality development of the industry.

View original content:https://www.prnewswire.com/apac/news-releases/wire-and-tube-industry-expos-to-spark-international-trade-in-shanghai-302255418.html

SOURCE Messe Düsseldorf Shanghai

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PayMongo and Brankas Now Offer the Widest Range of Payment Options in the Philippines

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Enable seamless, secure, and direct online banking payments with Brankas through PayMongo, featuring top Philippine banks BDO, Metrobank, and Landbank.

MANILA, Philippines, Sept. 25, 2024 /PRNewswire/ — PayMongo has partnered with Brankas to add new payment options to the PayMongo platform, making it the payment gateway with the widest range of payment options for Filipino businesses. PayMongo payment options include credit cards, e-wallets, BNPL, QRPh, and online banking. PayMongo merchants can now accept direct online banking payments from three additional Philippine banks — BDO, Metrobank, and Landbank — offering greater convenience and flexibility for both merchants and customers.

eCommerce stores, food delivery websites, ride-hailing apps, and gaming platforms that are PayMongo merchants can accept more forms of payments by integrating Brankas Direct API. This pay-by-bank channel is another trusted payment method that makes transactions faster and enhances the overall payment experience for users.

“Brankas and PayMongo share the same commitment to deliver fast and secure payment experience for users. Offering more payment options is a win-win for both customers and merchants as we offer greater payment flexibility and customer reach at the same time.” said Todd Schweitzer, Brankas CEO and Co-founder.

How to Get Started with Brankas Direct

To start accepting direct online banking payments, existing PayMongo merchants simply need to contact PayMongo Customer Support to request the activation of BDO, Metrobank, and Landbank payment options. The feature is available for Shopify plug-in users, PayMongo’s Custom & Checkout API, PayMongo Pages, and PayMongo Links. Users of the custom API require minimal updates, and the PayMongo developer website provides the full details.

Ready to enhance your payment offerings and provide a better customer experience? Enable Brankas Direct through PayMongo now. Visit Brankas Direct or PayMongo to learn more.

About PayMongo

PayMongo is a leading financial infrastructure platform in the Philippines, designed to simplify how businesses manage their finances. From payment processing to embedding financial services, PayMongo provides solutions that enable businesses to accept payments both online and in-person, streamline financial operations, and drive profitability. By offering a wide range of payment options and seamless integration, PayMongo empowers businesses to grow their revenue and succeed in the digital economy.

About Brankas 

Brankas is a leading global open finance technology provider. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their open finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas’ secure open banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.

Media Enquiries: 

Yiyang Teo
yiyang.teo@brank.as

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SOURCE Brankas

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